Baghdad, June 26, 2024 — In a landmark move to attract foreign investors to Iraq, the country celebrated the signing of the United Nations Convention on International Settlement Agreements as a Result of Mediation (Singapore Convention). Under the patronage of Prime Minister Mohammed Shia Al Sudani, the United Nations Development Programme (UNDP) and the Iraqi National Investment Commission (NIC) hosted a high-profile conference on mediation today.
Creating an environment for global investors
Opening the meeting on behalf of Prime Minister Mohammed Shia Al-Sudani, Adviser to the Prime Minister Nasser Saleh Abdelnabi Al-Assadi reiterated the government’s unwavering focus on foreign investment.
“We are making steady progress on progressive reforms and working to transform Iraq into an attractive and safe investment destination. Iraq’s accession to the Singapore Convention marks an important milestone and strengthens our efforts to build a strong business sector. We will continue our efforts to promote investment, fight corruption and create job opportunities for our youth,” he said.
On April 17, 2024, Iraq took a significant step by signing the Singapore Convention, which facilitates the enforcement of mediated settlement agreements and paves the way for enhanced international trade and commerce between nations.
“Iraq is ready to strengthen cooperation with countries around the world to promote investment and diversify and expand trade, and this treaty is an important tool to put this into practice,” said Heyder Makiya, chairman of the National Investment Commission.
Iraq Enters a New Chapter
The conference, which received generous support from the European Union, was also attended by the European Union Ambassador to Iraq, Thomas Seiler.
“We are working with the Iraqi government and UNDP to support the government’s ambitions to make Iraq a safe and attractive destination for foreign investment, including from the EU-27 member states. Effective mediation will open new doors for international trade and business in Iraq.”
Through the European Union-funded Anti-Corruption and Commercial Dispute Resolution Initiative, UNDP is also working with Iraqi universities to build the capacity of law students in commercial dispute resolution, including mediation.
“With the signing of the Singapore Convention, Iraq is committed to transforming the landscape of commercial cross-border dispute resolution, which will have a significant impact on companies engaged in international trade and commerce. We will continue to support the Government in developing legislation and building the institutional and human capacity needed to make mediation work,” said UNDP Resident Representative Auke Lootsma.
Iraq’s signing of the Singapore Convention is expected to be the foundational start needed to attract investors wanting to do business in Iraq and instill confidence, creating a favorable and secure environment for foreign investment.
About the Singapore Convention
The Singapore Convention is a multilateral treaty that provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation. The Convention applies to agreements concluded between parties to resolve commercial disputes and facilitates international trade by facilitating the cross-border enforcement of these settlements. As of June 11, 2024, the Convention has 57 signatory states and 14 contracting states. Iraq is the latest signatory to the Convention.
About the UNDP Commercial Dispute Resolution Initiative
UNDP has been strengthening commercial dispute resolution laws and practices in Iraq to build an inclusive ecosystem for investors and promote foreign investment. In addition to supporting mediation, the effort also includes technical assistance in drafting a new arbitration law aligned with the UNCITRAL Model Law on International Commercial Arbitration and international best practices. By facilitating consultations, workshops and discussions with a wide range of stakeholders, UNDP aims to strengthen capacity building and disseminate efficient commercial dispute resolution practices across Iraq.
For more information
Arabic – Mohammed Al Babahanee mohammed.al-bahbahanee@undp.org
English – Tayfun Yilmaz tayfun.yilmaz@undp.org
